The Romanian insurance market expanded by 24% to RON 14.3 bln (EUR 2.86 bln) gross written premiums in 2021, marking the highest annual advance in the last decade, Cristian Roşu, vice-president of the Financial Supervision Authority (ASF) for the insurance area, said, quoted by Agerpres.

The general insurance segment rose by 25.4% to RON 11.63 bln, but the life insurance segment also advanced significantly by 17.6%, to RON 2.6 bln.

The market remains dominated by car insurance: 51% for the mandatory (RCA, or third party liability) insurance contracts and 23% for voluntary (CASCO) insurance contracts.

Regarding the RCA, the frequency of incidents in Romania for the last four years is 6%, 5.5% for automobiles and 21% for trucks over 16 tonnes.

In 2021, for trucks over 16 tonnes, the frequency of incidents was 22.5%, and the average frequency was 6.5%. This is one of the highest frequencies in the European Union, ASF vice-president Roisu explained.

(Photo: Pixabay)

andrei@romania-insider.com